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BROOKLYN CENTER, MN-Madison Marquette has assumed operational control of Brookdale Center, one of Minneapolis/St. Paul's largest regional malls. The company took control as the court appointed receiver on behalf of the lenders for the property.
The real estate service firm Madison Marquette was appointed receiver for the mall Jan. 19 by a Hennepin County judge and will collect rents and apply them to bills, such as the property taxes. Florida-based Talisman Cos., which bought the mall for $25 million in 1997, owed $2.4 million in property taxes dating back to last May. Talisman had managed the mall up until Madison Marquette's appointment, which came after Fleet National Bank foreclosed on its mortgage on Brookdale.
"Madison Marquette's first priority is to ensure that Brookdale Center meets all of its financial obligations," says Ken Seifert, vice president of financial planning and operations at Madison Marquette. Madison Marquette moved quickly to pay the overdue property taxes to the city of Brooklyn Center on Jan. 31, Seifert adds. Seifert says he and his firm "will work hard to restore the reputation of Brookdale Center with business and community leaders."
Talisman specialized in turning around distressed properties, but it was unable to carry through on plans to invest $50 million to spruce up the property. Last year, Brookdale lost anchor stores J.C. Penney and Mervyn's, although neither was linked specifically to Brookdale's problems.
The 1.1-million-sf shopping center is more than four decades old, is in one of the least affluent suburbs in the Twin Cities, and has faced increasing competition from new shopping complexes, such as Arbor Lakes, in nearby Maple Grove, MN. Madison Marquette manages several properties in the Twin Cities region, including 7-Hi Shopping Center, Burnhaven Mall, Apple Valley Square, The Shoppes at Oak Park Heights, Fischer Market Place, Normandale Village, Plymouth Town Center, Rockford Road Plaza, Southdale Square, Calhoun Square and Brookdale Shopping Center. The firm manages more than 3.1 million sf in the Twin Cities region and has its national management headquarters in Minnetonka, MN.
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